Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.012%

Price spread now: Bybit against Ondo Perps+0.082%7-day average −0.016% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 7 days+0.157%+$16 · spread now +0.082%, 7d avg −0.016%

Together, before fees+0.217%+ Points / potential airdropOndo Perps: Active · farm board+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.098% dearer against Ondo Perps than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	93.560	−0.0059	get 0.0007% / 1h	29m 36s	$703K	$910K	10x
Short	Bybit HYPEUSDT	93.637	0.0018	get 0.0018% / 8h	29m 36s	$321.7M	$283.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.082%Rate

Funding earned: $16.16
Price spread: +0.082% → −0.016%: $9.79
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $9.95
Costs to cover: 0.160%
Break-even: 2.7 days

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.53 bp	6.0 bp −$6	8.7 bp −$87	20.3 bp −$2,030	46.2 bp −$23.1K

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.0840%	1h	93.550	−0.010%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0353%	1h	93.847	+0.306%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.554	−0.006%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.647	+0.093%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0059%	1h	93.560	long leg	$703K	$910K	10x
01 Exchange HYPEUSD	−0.0040%	1h	93.637	+0.082%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.575	+0.016%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	+0.110%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.644	+0.090%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.628	+0.073%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.670	+0.118%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.136%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.646	+0.092%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDTshort	+0.0018%	8h	93.637	+0.082%	$321.7M	$283.4M	75x
MEXC HYPE_USDT	+0.0056%	4h	93.649	+0.095%	$87.3M	$81.7M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.655	+0.102%	$383.2M	$895.2M	75x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.665	+0.112%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.274%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.639	+0.084%	$44.5M	$59.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.693	+0.143%	$18.9M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.669	+0.117%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.655	+0.102%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.646	+0.091%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.661	+0.107%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.610	+0.053%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.645	+0.091%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.674	+0.122%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.637	+0.082%	$115.3M	$320.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.069%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.664	+0.111%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.655	+0.102%	$226.8M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.647	+0.093%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.662	+0.109%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	+0.005%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.077%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.277%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.617	+0.061%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.676	+0.124%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.666	+0.113%	$490K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.617	+0.061%	$111K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.627	+0.072%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.654	+0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.624	+0.068%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.909%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.621	+0.065%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0130%	8h	93.708	+0.158%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.690	+0.139%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.768	+0.222%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0237%	4h	93.601	+0.044%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.650	+0.096%	$77K	$142K	15x	as long as short
Hyperliquid HYPE	+0.0268%	1h	93.692	+0.141%	$2.04B	$676.2M	10x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.693	+0.142%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.664	+0.111%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0412%	1h	93.743	+0.196%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.707	+0.157%	$20.9M	$29.4M	50x	as long as short